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Owning is still better than renting ....

not always

here is an example

This 2BR/2BA 1362sf condo is for sale for $1.95M on the UWS of Manhattan overlooking the Hudson River.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=919576

Assuming 10% down, Total Monthly Payment of mortgage w/ maintenance and tax abatement is: $12,611 a month. those taxes WILL go up tremendously.

The EXACT same apartment is for rent in the same building for $5,450 a month
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=919146

So in the rent vs. buy calculation, here it costs 231% more to own than to rent. I have nt taken any tax deductions, but lets assume anyone earning enough to swing this place is getting taxed up the wazzoo.